Hi Money Minder,
I’m in a bit of a pickle. I’m 52 and way behind with retirement savings. I didn’t work for a long time, taking care of my kids, one of whom has special needs and the other has severe mental health issues. My decisions are always clouded by worrying about what will happen to them after I’m gone. My husband passed away, so it’s just me now. I have some life insurance in place for my kids, but my income is practically nil. I do get some support for caring for my daughter, but it’s not enough to cover all the bills, let alone home repairs.
I’m also a full-time college student, trying to complete my AA degree. I have some credit card debt and a low credit score, which limits my options further. Despite my intelligence and academic success, finding stable work has been a struggle due to my lack of recent work experience.
So, here are a few questions for you:
1. Should I keep my house, even though it’s a financial burden?
2. What should I major in to secure a job that will provide a stable income?
3. How can I improve my financial situation given my limitations and responsibilities?
I’m open to suggestions because I want more out of life than just scraping by. I want to have the chance to retire someday and live a more comfortable life. Your advice would be greatly appreciated!
Thanks,
Seeking Stability
Response from THE MONEY MINDER:
Hello There,
Hello,
I’m sorry to hear about the challenges you are currently facing. It sounds like you have been through a lot, and you are working hard to improve your situation. Firstly, it’s important to acknowledge that you have valuable skills and experience, despite the gaps in your work history. Your college achievements and expertise in areas like Excel and Intuit products can be assets in your job search.
As for your house, it seems like a tough decision since it provides stability for you and your kids. Given the repairs needed and financial strain, you may want to consider the long-term costs and benefits of keeping it. It could be worth exploring options for home repairs or downsizing to reduce expenses.
In terms of your career path, tech-related fields could be a good fit, considering your skills and the demand in the industry. You could look into technology-related certificates or programs that can boost your qualifications. Additionally, leveraging your knowledge in remote desktops and insurance claims could open up opportunities in related roles.
Considering your state limitations, finding a career that offers stability and growth potential is crucial. Look into industries with a demand for your skills and experience, and explore possibilities for advancement or higher-paying positions.
Lastly, addressing your credit card debt should be a priority. Developing a repayment plan and budgeting strategy can help you make progress towards financial stability. It’s essential to tackle this debt to improve your overall financial situation.
Remember, small steps and consistent efforts can lead to positive changes. Keep seeking opportunities for growth and advancement, and don’t hesitate to seek guidance from career counselors or financial advisors. All the best from THE MONEY MINDER.
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